Half of World’s Assets under Net Zero Asset Management
On Tuesday, July 6, 2021, 41 fund management firms announced their joining of the Net Zero Asset Managers initiative, an initiative by asset management firms to lower the carbon footprint of their clients’ portfolios and develop net-zero investment products.
SEC Climate Disclosure Bill Clears U.S. House Committee Vote
The U.S. House of Representatives Financial Services Committee advanced another piece of legislation related to disclosures of environmental, social, and corporate governance (ESG) metrics on Wednesday, May 12, 2021. Introduced by Rep. Sean Casten, D-Ill., HR 2570, the Climate Risk Disclosure Act, cleared the committee with the full support of the majority members in a vote of 28 to 24. (more…)
U.S. Supreme Court Provides Procedural Victory to Defendants Seeking to Keep Climate Change Nuisance Litigation in Federal Court
On May 24, 2021, the U.S. Supreme Court vacated and remanded First, Ninth, and Tenth Circuit rulings that sent climate change litigation to state courts (Order List: 593 U.S. – May 24, 2021). The Supreme Court’s orders come fresh off its May 17, 2021, decision in Mayor and City Council of Baltimore v. BP P.L.C., et al., in which the Supreme Court addressed appellate court review of a district court’s remand orders.
President Biden Signs Sweeping Executive Order on “Climate-Related Financial Risk”
On May 20, 2021, U.S. President Joe Biden issued an executive order (EO) on “Climate-Related Financial Risk,” which established a comprehensive policy to advance disclosure and mitigation of climate-related financial risk in an effort to achieve the U.S. goal of net zero emissions by 2050.
U.S. Environmental Protection Agency Announces Environmental Justice and Climate Action Initiatives
On April 23, the Administrator of the U.S. Environmental Protection Agency (EPA), Michael Regan, announced three new agency initiatives to support “community-driven solutions” for environmental justice and climate change in North America and across the world. The announcement came in conjunction with President Joe Biden’s Leaders Summit on Climate where the President pledged to cut nationwide net greenhouse gas emissions at least 50% to 52% by 2030 in comparison to 2005 levels. (more…)
President Biden’s Budget Proposal Includes Unprecedented Funding for All-of-Government Approach to Climate
On Friday, April 9, President Joe Biden released a $1.52 trillion fiscal year (FY) 2022 budget proposal. Referred to as the “skinny budget,” the document includes top-line figures and high-level summaries the White House will supplant with the full budget proposal later this spring. The release of the skinny budget starts the often-challenging process for Congress to pass an appropriations bill by the end of September, when the FY21 appropriations expire. (more…)
FERC Makes First Significance Determination on Greenhouse Gas Emissions
On March 22, 2021, the Federal Energy Regulatory Commission (FERC or Commission) for the first time issued an order that assessed whether greenhouse gas emissions related to a natural gas pipeline certificate project would significantly contribute to climate change. FERC purported to perform the assessment pursuant to its obligation under the National Environmental Policy Act (NEPA) to take a “hard look” at a project’s environmental impacts.
House Majority Flagship Climate Bill Gets a Hearing
March 18 marked the U.S. House Energy and Commerce Committee’s first legislative hearing on the majority’s flagship climate bill, the Climate Leadership and Environmental Action for our Nation’s Future Act (CLEAN Future Act). The 981-page bill aims to reach net-zero greenhouse gas emissions across the U.S. economy by 2050. (more…)
White House Council on Environmental Quality Rescinds Trump-Era NEPA Guidance on Greenhouse Gas Emissions
On Friday, the White House Council on Environmental Quality (CEQ) rescinded draft guidance published by the Trump administration in June 2019 discussing how agencies should consider greenhouse gas (GHG) emissions when evaluating proposed major federal actions under the National Environmental Policy Act (NEPA). In that draft guidance, CEQ rescinded its 2016 Obama-era guidance and suggested that agencies may perform a more limited review of a project’s GHG emissions and impact on climate change, stating that “[a]gencies preparing NEPA analyses need not give greater consideration to potential effects from GHG emissions than to other potential effects on the human environment.” That draft guidance had further stated that agencies do not need to account for the “social cost of carbon” when quantifying the direct and reasonably foreseeable indirect greenhouse gas emissions from proposed actions.
